This is one of the most misunderstood credit issue’s that come across my desk over and over again. I get calls about it, I get emails, I get text you get the point.
My clients and potential clients are asking “Why are the debt collectors coming after me for debts the judge said my spouse had to pay in our divorce?”.
Why? Because you didn’t divorce yourself financially from your ex-spouse. Regardless of what a judge orders in court, that judge cannot re-write a contractual agreements that you and your spouse agreed too. If both of you are on an auto loan your spouse may get possession by the judges order but you are still financially responsible for the car if your ex-spouse doesn’t pay.
The solution…at the time of the divorce proceedings tell the judge that you want your spouse to refinance anything that you have a financial connection to that such as: credit cards that have a balance, auto loans, mortgages, business loans, etc.
If your ex-spouse can’t get approved to refinance the loans request that all those items be sold. If you don’t demand this you’ll be in court again very soon paying your ex-spouses debts.
Experiencing all the pain and frustration all over again.
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